SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stake

The lawsuit alleges Musk saved $150 million by failing to disclose his 5% Twitter stake on time, violating securities law.

The SEC has filed a lawsuit against Elon Musk, accusing him of delaying disclosure of his Twitter stake in early 2022, violating U.S. securities laws.
Musk allegedly saved $150 million by purchasing Twitter shares at artificially low prices before publicly revealing his ownership exceeded 5%.
The complaint claims Musk continued acquiring shares even after surpassing the 5% threshold, delaying disclosure by 11 days and harming investors who sold unknowingly.
Musk and his legal team have dismissed the lawsuit as politically motivated, with Musk calling the SEC a 'broken organization.'
The timing of the lawsuit, days before a new SEC chairman takes office under the incoming Trump administration, raises questions about its future progress.